中银国际：AI需求推动计算效率和互联带宽协同升级 2026上半年相关材料需求有望迎来快速增长_老虎社区_美港股上老虎

中银国际：AI需求推动计算效率和互联带宽协同升级 2026上半年相关材料需求有望迎来快速增长

智通财经2025-12-24

智通财经APP获悉，中银国际发布研报称，AI推理需求催化云厂商资本开支，计算效率和互联带宽协同升级。AI PCB是AIInfra升级浪潮中的核心增量环节。AI PCB三大原材料电子布、铜箔、树脂则是构筑PCB介电性能的核心壁垒。该行预计Rubin服务器上游供应链将在2026年上半年开启备货潮，届时M8.5和M9 PCB/CCL的核心原材料有望迎来“从0→1”的关键节点。考虑到Rubin服务器将在...

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Demand for related materials is expected to usher in rapid growth in the first half of 2026","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDY":0.6,"NVD":0.6,"AI":0.9,"NVD3.UK":0.6,"3NVD.UK":0.6,"NVDS":0.6,"2NVD.UK":0.6,"NVDU":0.6,"NVDA":0.67,"NVDX":0.6,"NVIW.SI":0.6,"NVDD":0.6,"NVDS.UK":0.6,"CCL":0.67,"SNVD.UK":0.6,"NVD2.UK":0.6},"content_text":"智通财经APP获悉，中银国际发布研报称，AI推理需求催化云厂商资本开支，计算效率和互联带宽协同升级。AI PCB是AIInfra升级浪潮中的核心增量环节。AI PCB三大原材料电子布、铜箔、树脂则是构筑PCB介电性能的核心壁垒。该行预计Rubin服务器上游供应链将在2026年上半年开启备货潮，届时M8.5和M9 PCB/CCL的核心原材料有望迎来“从0→1”的关键节点。考虑到Rubin服务器将在2026年下半年量产出货，该行认为上游供应链将在2026年上半年开启备货潮，AI材料的相关需求亦有望迎来快速增长。中银国际主要观点如下：低介电性能是AI PCB设计的关键指标GPU和ASIC厂商均在积极提升单芯片算力效率和机柜级解决方案的互连带宽。AI PCB在升级高多层和小线宽线距的趋势中会面临电气性能损失、散热性能下降、信号干扰等问题。选用低介电常数(Low-Dk)和低介电损耗(Low-Df)材料制作的PCB对于降低信道损耗和保持信号完整至关重要。该行认为无论下游GPU和ASIC竞争格局如何变化，AIInfra追求更高计算效率和更大互联带宽的趋势不会改变，对上游低介电性能材料的技术探索会持续推进。AI三大原材料电子布、铜箔、树脂构筑PCB介电性能核心壁垒AIInfra对数据传输损耗的严苛要求推动PCB和CCL向M8/M9升级。电子布方面，石英纤维凭借优异的介电损耗(1MHz下Df值为0.0001)和热膨胀系数(0.54ppm/℃)成为电子布的优选材料。铜箔方面，HVLP4/5凭借极低的表面粗糙度(Rz≤1.5μm)成为铜箔的优选材料。树脂方面，PCH树脂和PTFE树脂凭借优异的介电性能成为树脂的优选材料。M8.5和M9 PCB/CCL的核心原材料有望迎来“从0→1”的关键节点该行预计英伟达Rubin服务器的Compute Tray/Switch Tray/Midplane/CPX对应的PCB和CCL解决方案将分别升级M8/M8.5/M9/M9的解决方案，其中M9解决方案可能会采用高频高速树脂+HVLP4/5铜箔+Q布的材料组合，而M8.5解决方案可能会采用高频高速树脂+HVLP4铜箔+Low-Dk二代布的材料组合。根据华尔街见闻和新浪财经报道，英伟达预计Rubin GPU将于2026年10月量产。该行认为Rubin Ultra服务器有望采用M9树脂+高阶HVLP铜箔+Q布的正交背板的解决方案。该行预计Rubin服务器上游供应链将在2026年上半年开启备货潮，届时M8.5和M9 PCB/CCL的核心原材料有望迎来“从0→1”的关键节点。AI相关材料市场规模有望迎来快速增长经过测算，该行预计2025/2029年全球HDI板和18层及以上高多层板对应的CCL原材料市场规模约30.98/38.91亿美元，其中电子布市场规模约7.75/9.73亿美元;铜箔市场规模约12.39/15.56亿美元;树脂市场规模约7.75/9.73亿美元。考虑到英伟达Rubin服务器将在2026年下半年量产出货，该行认为上游供应链将在2026年上半年开启备货潮，AI材料的相关需求亦有望迎来快速增长。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}